2007-01-30 14:30:24 · 4 answers · asked by ~Josie~ 5 in Business & Finance ➔ Renting & Real Estate
We have a major highway in the back of our property. There's about 55 acres of farm land being sold (zoned C3 already) next to us. In order for this chunk of land to have businesses built, they need our homes to put an access road through. The investor has gone through the city and is now trying to sell the properties (several other homes involved). This was not eminent domain - myself and the other homeowners signed an 'option to buy' after we agreed individually with the investor what we would sell for (which is almost 3x's what we paid for it 3 yrs ago). This is very legit - the investor is a big reputable company. They only have until the end of '07 to sell this. We are not in financial distress - in fact, over the past 2 yrs we remodeled the kitchen & bath and is a bit hard to let go of our home. But to us it's worth it since it was an offer we couldn't refuse.
2007-01-31 11:01:51 · update #1
Unless you desperately need the money...stay away from selling to an investor. You will most likely not get a fair amount of money for your home as many investors buy 20-30% under market value from people in financial hardship.
2007-01-30 15:55:04 · answer #1 · answered by miztiffany 3 · 0⤊ 0⤋
We sold our home to an invester 2 months ago. The house had been on the market for many months without one offer. We were falling behind on the mortgage and were very close to losing the house to the bank. The investor offered us $20,000 over what we owed on our loan, $40,000 less than our asking price. If we had been able to afford to keep the house ourselves we would have refused the offer but we had to make a choice. Do we walk away with $14,000 or do we let the bank take the house and get a foreclosure on our credit? They have already started doing the needed repairs and someday soon our 200 year old house will once again be in the condition we could never have afforded to put it in.
The one thing we wish we had done was negotiate on things like keeping the appliances. I expect they will end up in the dump as they will most likely replace them with new ones with all the updates being done. We could have sold them and pocketed another couple thousand dollars.
2007-01-31 11:32:51 · answer #2 · answered by ebosgramma 5 · 0⤊ 0⤋
I just read about Brent Barber, the investor who bought out homes, except he faked documents to get loans but left the properties in the original owners names. When the loans defaulted people owed huge amount of $$ and lost their homes. He was caught and is now in Leavenworth but brags he can run the same scam from jail.
Be careful, be very careful.
Double check your credit report and make sure no loans are being taken out against your property.
Maybe google him and see what authorities advise to avoid being scammed by fake investors .
2007-01-30 22:39:38 · answer #3 · answered by kate 7 · 0⤊ 0⤋
make them get a loan to pay your off.....................
2007-01-30 22:34:47 · answer #4 · answered by ron d 3 · 0⤊ 1⤋